Digital economy to be catapulted into the future

Digital economy to be
catapulted into the future

News Release issued by
the COI News Distribution Service on 26 January 2012

Government
investment in technology and innovation will enable Britain’s
world leading digital businesses to benefit from future advances
in technology and help them bring new products to the marketplace,
Business Secretary Vince Cable announced today.

The new Connected Digital Economy Catapult centre will be a hub
for the best innovations in the digital sector, focusing on where
new advances can be made in areas such as:

· addressing the challenges and opportunities of building a
sustainable digital media and content business.

· researching the impact of new technologies, such as augmented
reality, will have on existing platforms and the potential
infrastructure changes needed to support them.

· looking at how our devices, our clothes, our cars, and other
consumer goods become better connected to enhance the physical
nature of our lives.

The Connected Digital Economy Catapult will also help transfer
knowledge and experience from the digital industries to
non-digital businesses and help them see the value that it could
add to their business. For example, the music industry went
through dramatic changes when it embraced digital technologies, it
also experienced a great number of challenges particularly around
intellectual property. Today businesses are making similar changes
in industries such as media and retail which will benefit from the
experience the music industry can provide.

Making the announcement at augmented reality firm Holition in
Shoreditch which uses 3D digital technology to provide advertising
in the retail sector, Business Secretary Vince Cable said:

“Long term investment in our economic strengths and being at the
forefront of technological development are essential if we are to
achieve sustainable and balanced growth.

“We have world leading, innovative businesses in the ICT, digital
and creative sectors which have considerable potential for growth.
For instance, a few years ago, there were just fifteen technology
start-ups around Old Street and Shoreditch - now there are
hundreds of high-tech companies in the area, including Holition
where I am today.

“The Connected Digital Economy Catapult is a practical way in
which Government can support industry to maintain its competitive
advantage so that they can continue to be leading the way in
making products and services that people want.”

Creative Industries Minister Ed Vaizey said:

"The Internet has effectively ended any distinction
between digital and creative industries. This Catapult centre will
help bring together key parts of the UK economy.

"The centre will enable businesses to use resources
they could only dream of obtaining on their own. It will help
businesses realise new ideas and turn them into new products, new
jobs, and new growth."

Iain Gray, Chief Executive of the Technology Strategy Board
said:

“We are extremely pleased to be supporting such an important
technology area with a Catapult centre. With many, if not all,
industries searching for ways to utilise digital technology, the
opportunity for the Catapult will be enormous. It will also be
applicable to all internet-using businesses and industries as they
attempt to innovate with digital technology to provide consumers
and businesses with new products and services.”

Today’s announcement is part of the Government’s £200 million
investment in a network of Catapult centres across a number of
sectors. The Advanced Manufacturing Catapult is now operating
across seven locations around the UK, a £50 million Cell Therapy
Catapult will be established in London and a Satellite
Applications Catapult will be set up later this year.

In the next few weeks, further sectors which will be supported by
Catapult centres will be confirmed.

The Catapult centre programme is managed by the Technology
Strategy Board (TSB) as part of a wider support package for
innovation. The TSB will now begin the competition to run the
centre considering expressions of interest and written proposals
and a process of legal checks before a final decision is made by
the Board.

Notes to editors

The Technology Strategy Board focuses on the challenges that
shape future market opportunities, bringing together innovators in
business and research for business benefit.The first Catapult
(previously known as Technology and Innovation Centres), in High
Value Manufacturing, opened for business in October 2011, less
than a year after the Prime Minister announced the £200m+
technology and innovation centre programme. Two more Catapults, in
Cell Therapy (to be located in London) and Offshore Renewable
Energy (location to be announced shortly) are on schedule to open
by summer 2012. The Catapult in Space Applications, announced in
January 2012 and due to open in Autumn 2012, brings the total of
Catapults announced so far to four.For more information about the
centre, go to www.innovateuk.orgBIS's online newsroom
contains the latest press notices, speeches, as well as video and
images for download. It also features an up to date list of BIS
press office contacts. See http://www.bis.gov.uk/newsroom for more
information.